Walter Capital Partners Announces Holdings of Agro Fund L.P. in Freshlocal Solutions Inc.

MONTRÉAL, April 19, 2021 /CNW Telbec/ - Walter Capital Partners ("Walter Capital") today announced that Agro Fund L.P. (the "Fund"), an investment fund indirectly controlled by Walter Capital, holds 6,669,636 common shares (the "Common Shares") of Freshlocal Solutions Inc. ("Freshlocal"), representing approximately 15.23% of the issued and outstanding Common Shares of Freshlocal (as reported in Freshlocal's press release issued April 16, 2021 in connection with the RTO (as defined below)).

The Common Shares were issued in connection with a reverse take-over (the "RTO") of Freshlocal by Sustainable Produce Urban Delivery Inc. ("SPUD") by way of a statutory plan of arrangement in accordance with an arrangement agreement entered into between Freshlocal and SPUD on December 21, 2020, as amended March 9, 2021, which RTO closed on April 16, 2021 following certain pre-closing capital changes in respect of existing securities of SPUD, including securities of SPUD owned by the Fund prior to the RTO. Pursuant to the RTO, the Common Shares held by the Fund were issued at a deemed value of $7.50.

The Fund also holds options to purchase an additional 40,000 Common Shares at an exercise price of $3.00 per Common Share and an additional 90,000 Common Shares at an exercise price of $4.50 per Common Share.

The Fund holds the securities of Freshlocal for investment purposes and may, from time to time, in the future acquire or dispose of securities of Freshlocal for investment purposes.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers, which requires that an early warning report be filed under Freshlocal's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting (tel: [phone]; email: [email protected]). The Fund's head and registered office is located at 1 Westmount Square, Suite 1850, Westmount, QC, H3Z 2P9.

About Walter Capital Partners

Walter Capital Partners is a private equity firm part of Walter Financial, the investment unit of the Walter Group. Its investment model combines capital inflow and operating expertise to support the growth of promising companies on solid and sustainable foundations, by drawing on the entrepreneurial background of the Walter Group and the extensive business leadership experience of its managing partners. Headquartered in Montréal, Walter Capital provides a solid international network. www.waltercapital.ca 

SOURCE Walter Capital Partners

Amélie Plante, DDMG Communications, 514-975-9425, [email protected]